Short Interest in Alignment Healthcare, Inc. (NASDAQ:ALHC) Drops By 16.4%

Alignment Healthcare, Inc. (NASDAQ:ALHC) was the recipient of a significant drop in short interest in November. As of November 15th, there was short interest totalling 3,770,000 shares, a drop of 16.4% from the October 31st total of 4,510,000 shares. Based on an average daily trading volume, of 1,730,000 shares, the short-interest ratio is currently 2.2 days. Currently, 4.1% of the shares of the stock are short sold.

Alignment Healthcare Stock Performance

NASDAQ:ALHC opened at $12.61 on Monday. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 1.82. Alignment Healthcare has a twelve month low of $4.46 and a twelve month high of $14.25. The company has a fifty day moving average of $11.81 and a 200-day moving average of $9.77. The firm has a market capitalization of $2.42 billion, a P/E ratio of -16.38 and a beta of 1.45.

Alignment Healthcare (NASDAQ:ALHC) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.14) earnings per share for the quarter, meeting the consensus estimate of ($0.14). The firm had revenue of $692.43 million during the quarter, compared to the consensus estimate of $662.11 million. Alignment Healthcare had a negative net margin of 5.84% and a negative return on equity of 108.69%. The business’s revenue was up 51.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.19) earnings per share. As a group, sell-side analysts anticipate that Alignment Healthcare will post -0.69 EPS for the current year.

Insider Buying and Selling at Alignment Healthcare

In related news, insider Hyong Kim sold 22,460 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $11.03, for a total value of $247,733.80. Following the completion of the transaction, the insider now owns 533,070 shares in the company, valued at $5,879,762.10. This trade represents a 4.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hakan Kardes sold 25,000 shares of Alignment Healthcare stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $11.48, for a total transaction of $287,000.00. Following the sale, the insider now owns 380,444 shares in the company, valued at approximately $4,367,497.12. This represents a 6.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 543,433 shares of company stock worth $6,543,028 over the last quarter. Corporate insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Alignment Healthcare by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,442,447 shares of the company’s stock worth $28,875,000 after purchasing an additional 32,839 shares during the period. Barclays PLC increased its stake in Alignment Healthcare by 144.1% during the 3rd quarter. Barclays PLC now owns 193,446 shares of the company’s stock valued at $2,287,000 after purchasing an additional 114,191 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Alignment Healthcare during the third quarter worth $523,000. State Street Corp lifted its stake in shares of Alignment Healthcare by 0.9% in the third quarter. State Street Corp now owns 2,252,287 shares of the company’s stock valued at $26,622,000 after buying an additional 20,731 shares in the last quarter. Finally, Atom Investors LP acquired a new position in shares of Alignment Healthcare during the third quarter valued at about $961,000. Institutional investors own 86.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ALHC. Piper Sandler reissued an “overweight” rating and issued a $10.00 price objective (up previously from $8.00) on shares of Alignment Healthcare in a research note on Tuesday, August 6th. TD Cowen raised their price objective on Alignment Healthcare from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. UBS Group lifted their price objective on Alignment Healthcare from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Robert W. Baird increased their target price on shares of Alignment Healthcare from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. Finally, Barclays boosted their price target on shares of Alignment Healthcare from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Alignment Healthcare has an average rating of “Moderate Buy” and an average target price of $10.33.

Alignment Healthcare Company Profile

Alignment Healthcare, Inc, a tech-enabled Medicare advantage company, operates consumer-centric health care platform for seniors in the United States. It provides customized health care designed to meet the needs of a diverse array of seniors through its Medicare advantage plans. The company was founded in 2013 and is based in Orange, California.